Reports in the Indian media this week have indicated that the government is advancing its plans to facilitate the electronic transfer of income tax refunds directly to taxpayer's bank accounts.
Last month, earlier reports revealed that the government will be investing R250 billion ($530 million) in IT infrastructure to bring the country's taxation system up to international standards. One major product of this invesment will be the creation of a nationwide network- using 10,500 commercial banks- which will house e-filing facilities. The system will also allow direct credit of refunds, which the income tax department aims to pay within four months of a tax return being filed. Natuarlly, for the scheme to work, the posession of an appropriate bank account will be necessary.
Additionally, the government is planning to nominate "registered agents" who will perform a similar role to a chartered accountant and will certify people's accounts and file them electronically with the tax authority.
The automated refund transfer is likley to begin within the current fiscal year, according to a report from the Financial Express.
http://www.financialexpress.com/fe_full_story.php?content_id=35383
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